Transcription of NCUA LETTER TO CREDIT UNIONS
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NCUA LETTER TO CREDIT UNIONS
ncua LETTER TO CREDIT UNIONS national CREDIT union administration 1775 Duke Street, Alexandria, VA DATE: January 2003 LETTER NO.: 03-CU-01 TO: Federally Insured CREDIT UNIONS SUBJ: Loan Charge-off Guidance ENCL: Enclosure A: Guidance on On-going Quality Control Procedures Dear Manager and Board of Directors: In June 2002, we issued ncua LETTER to CREDIT UNIONS No. 02-CU-09, Allowance for Loan and Lease Losses (ALLL), along with the Interpretive Ruling and Policy Statement (IRPS) No. 02-3, Allowance for Loan and Lease Losses Methodologies and Documentation for CREDIT UNIONS . This IRPS clarifies our expectations regarding methodologies and documentation support for the ALLL. An essential part of a CREDIT union s ALLL methodology is a comprehensive, disciplined, timely, and consistently applied charge-off policy for uncollectible loans.
NCUA LETTER TO CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION 1775 Duke Street, Alexandria, VA DATE: January 2003 LETTER NO.: 03-CU-01
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